Tesla's Bitcoin revenue surpassed 2020 EV revenue

The last year has been very successful for bothTesla, and for the main cryptocurrency, bitcoin. The growing popularity of electric vehicles and the growth of the company's stock price made Tesla owner Elon Musk the richest man on the planet, and the rapid rise in the price of bitcoin (BTC) led to an increase in the capitalization of the main cryptocurrency above $ 1 trillion (currently 1.12 trillion). At the same time, the price of BTC breaks records every day and last Sunday reached 58.3 thousand dollars (in March 2020, bitcoin cost 5.5 thousand dollars).

Representatives of The Times were concernedby calculating Musk's income and came to the conclusion that Tesla, in the case of buying bitcoin on the day it was announced (January 31, 2021), made a profit in a few weeks more than the entire income from car sales for 2020.

On the day of the announcement of investments in bitcoin 1.5billion dollars, the price of the main cryptocurrency fluctuated slightly above 30 thousand dollars per coin. Even if we assume that the company acquired bitcoin at the time of the announcement, it turns out that Tesla became the owner of 50 thousand BTC. Since then, the price, as of yesterday, has risen by $ 18,000 per coin, resulting in a profit of about $ 900 million. In 2020, the company earned only a modest $ 721 million in revenue from the electric car market.

It should be noted that Musk recently announcedovervalued bitcoin and ethereum. At the same time, the profit calculated by the journalists is very relative. If Tesla starts selling its assets in bitcoins, the overheated market may collapse and the price of the cryptocurrency will fall several times, as has happened more than once in history. For example, in 2018, when the price dropped from $ 20,000 to $ 3,000 per coin.

Source: thetimes